As of September 2021, there were stablecoin assets valued at $ 129.3 billion, accounting for 6.54% of the crypto economy. The second largest stablecoin by market valuation, USDC, has increased its capitalization sharply, increasing by more than $ 10 billion in 125 days.
Since May, USDC’s market cap is up 54%
Lately, Bitcoin.com got news about the growth of Tether (USDT) as the market cap of. reported USDT is nearly $ 70 billion today, as supply has grown 1,500% in five years. Following this report, our news desk reported on the decentralized stablecoin called DAI, which is issued by the Makerdao project. DAI’s market cap grew more than 800% in 12 months, and today the total value of all DAI’s in existence is $ 6 billion.
Now the second largest stablecoin by market capitalization, USD coin (USDC), only recently increased significantly to $ 30.9 billion in just four months. USDC is issued by the Center consortium which is led by Circle Financial, and Coinbase is also a member of the Center Consortium. On May 23, 2021, USDC’s market valuation was approximately $ 20 billion. Four months later, USDC’s valuation resulted in $ 10 billion added to the project. That’s a 54% increase since May 23, and the 30-day stats show an increase of around 14.1%.
USDC stablecoin market cap represents 1.5% of the total crypto economy
USDC has been a popular stablecoin for quite some time as people use the asset to hedge against volatility, leverage the asset for decentralized financial (defi) applications, and more. While the crypto economy is worth $ 1.97 trillion at the time of writing, USDC represents 1.56% of the valuation of the crypto economy.
As of Saturday, USDC has a global trade volume of around $ 3 billion. While the USDC typically has very little fluctuation as it is pegged to the USD, it can still be as high as $ 0.98 to $ 1.02 per token. On May 8, 2019, USDC was exchanged for USD 1.17 per token as it was 14.6% higher that day.
While Tether and USDC are the kings of the stablecoin economy today, with many other stablecoin tokens climbing the ladder. For example, Wault usd (WUSD) rose 55.2% in 30 days, Celo dollar (CUSD) rose 47.4%, and Pax dollar (USDP) market valuation rose 26.4% last month.
What do you think of the USDC’s 54% valuation over the past four months? Let us know what you think on this matter in the comments below.
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